If you and your spouse have decided to divorce, you may feel unsure about how to proceed. You may also have concerns about what lies ahead not just during the divorce, but after.
Divorce is a significant event that necessitates careful planning and consideration of various aspects, from financial matters to emotional well-being. Certain proactive measures can equip you with the tools needed to navigate the complexities of divorce with foresight and understanding.
Gather financial information
In 2021, according to the Centers for Disease Control and Prevention, 689,308 couples divorced in the U.S., and many had to learn how to manage their finances independently. Start by collecting all relevant financial documents, including bank statements, tax returns, investment portfolios and any outstanding debts. This information can provide a foundation for the equitable division of assets during the divorce process.
Inventory your assets and debts
Take inventory of both assets and debts accumulated during your marriage. This encompasses real estate, vehicles and personal belongings, as well as loans or credit card debts.
Maintain open communication
Maintain open and clear communication with your soon-to-be ex-spouse. Discuss concerns and potential areas of contention amicably. A collaborative approach can facilitate a smoother divorce process and minimize conflicts.
Consider your children’s needs
If you have children, consider their needs and well-being throughout the process. Collaborate on a parenting plan that addresses custody arrangements, visitation schedules and financial responsibilities.
Seek emotional support
Divorce is emotionally challenging, and seeking support is important. Connect with friends, family or counseling services to help you navigate the emotional aspects of the process.
Anticipate lifestyle changes that may occur post-divorce. Adjust your expectations and prepare for shifts in housing, financial stability and overall lifestyle. A realistic outlook will help you adapt more smoothly to the changes ahead.